One of the first options that you should explore if you are having credit problems is a debt reduction loan. This is especially true if you have a great deal of credit card debt. Those high interest cards can be more easily reduced by taking out a debt reduction loan with a lower interest rate. If you are eligible for a low interest personal loan, you can use the money to pay those credit cards off, have less interest debt on the loan, and begin to reduce your debt. Some people with high credit card balances may have trouble obtaining a low interest unsecured loan, so a second mortgage is an option if you have enough equity in your home. The downside is that you may be putting your home in jeopardy if you can't pay off that second mortgage in a timely manner. In addition, it's important to determine that you will not let yourself get into credit card debt again or you'll face the same challenges in the future.